New Delhi, Nov 28 (NationPress) The Gujarat International Finance Tec-City (GIFT City), recognized as India’s inaugural International Financial Services Centre (IFSC), has swiftly transformed into the nation’s leading international financial and IT hub, merging global standards with intelligent infrastructure, as stated in an official announcement this Friday.

With over 1,034 registered entities within GIFT IFSC, this center is home to 38 banks boasting an asset base of $100.14 billion.

Covering nearly 1,000 acres, with plans to extend to over 3,300 acres featuring SEZ and DTA zones, it offers a 10-year income tax exemption within a 15-year block for IFSC units,” according to governmental data.

The government has declared GIFT City as a Multi-Services Special Economic Zone (GIFT SEZ). Its governance is managed by the International Financial Services Centres Authority (IFSCA), which is supported by robust government oversight and policy backing.

The institutional framework of GIFT IFSC is crafted to attract global investment, encourage innovation, and maintain international standards of transparency and sustainability. Units operating within the IFSC are regarded as non-residents under the current Foreign Exchange Management Act regulations.

Established under the IFSCA Act of 2019, IFSCA has been active since April 2020, functioning as a consolidated regulator for financial products, services, and institutions within GIFT IFSC.

It centralizes powers that were previously scattered among the RBI, SEBI, IRDAI, and PFRDA concerning IFSC operations, with a mission to develop and regulate financial services, enhance ease of doing business, and align GIFT City with global benchmarks.

In July 2022, the India International Bullion Exchange (IIBX) was inaugurated at GIFT IFSC, Gandhinagar, backed by leading organizations such as NSE, INDIA INX, NSDL, CDSL, and MCX, and operates under IFSCA regulation.

This exchange facilitates bullion imports into India while providing a top-tier ecosystem for trading, investing in bullion financial products, and vaulting services.

IIBX ensures responsible and transparent bullion trading by complying with OECD due diligence guidelines for maintaining supply chain integrity from conflict-affected and high-risk regions.

GIFT IFSC accommodates banks, insurers, asset managers, fintech firms, and the IIBX.

It also offers unparalleled access to talent and academic excellence, drawing from renowned institutions nearby.

Supported by esteemed establishments such as IIM Ahmedabad, IIT Gandhinagar, and Gujarat Maritime University, the state boasts a robust TechFin talent pool of more than 86,000 software engineers, 71,000 finance professionals, and 21,000 management specialists.

Ahmedabad alone accounts for over 1.7 million professionals and has witnessed a staggering 142% increase in AI-skilled talent within the past year.

“With progressive tax incentives and policy support, it serves as a beacon for global capital. The city’s expansion and fintech emphasis signify India's preparedness for future financial leadership. With sustainability and innovation embedded, GIFT City is set to play a pivotal role in realizing India’s vision for Viksit Bharat by 2047,” according to the official document.